WTI Set for Weekly Decline; IEA Sees Non-OPEC Supply Gain

West Texas Intermediate crude headed for a fourth weekly loss in five. The International Energy Agency forecast that non-OPEC supplies will surge next year by the most since the 1970s.

Futures fell as much as 1.4 percent in New York and are headed for a weekly loss of 2.1 percent. Producers outside the Organization of Petroleum Exporting Countries will increase output by a near-record 1.7 million barrels a day next year to 56.4 million, the IEA said today in its monthly market report. Brent’s premium to WTI climbed to a four-month high as the detention and release of Libya’s prime minister fanned concern the country’s oil exports may face fresh disruptions.